股票内在价值

理性卖者是出于对继续持有的风险规避和对股票内在价值的判断而做出决策的交易者，他们会在IPO上市后选择获利离场。

Reason to continue to hold to sell out of stock of risk aversion and the intrinsic value judgments and traders to make a choice , they will choose the first day of the IPO market profit taking .

现有的研究通常将股息贴现模型确定的股票内在价值作为股票的理论价格。

Now the stock intrinsic value determined by the dividend discount model is often directly used as stock theoretic price when the dividend discount model is used .

用Kalman滤波方法对股票内在价值进行信息滤波与预测。

The method of Kalman filter to filter and forecast the information of stocks value from the stock prices was first introduced .

但由于股票内在价值不可直接观察，为了方便研究，就有另外两个概念：IPO溢价和首日超额收益率。

However , due to the intrinsic value of the stock can not be directly observed , in order to facilitate research , there are two other concepts : IPO first day of premium and abnormal returns .

尽管知情交易者的信息优势只体现在每个交易年度中的B时期，而且也只是关于未来股票内在价值的一个概率性信息，但这仍足以让其获得超过其他投资者的收益。

Although the information advantage of informed traders is only revealed in the B period in every trade year , and it only includes a probable estimation of the future inherent value of stocks , this information advantage is enough to let those investors get higher proceeds than others .

上市公司股票内在价值估算模型的构建

Research on Construction of Intrinsic Value of Stock Valuation Model of Listed Companies

有效证券市场的理性泡沫与股票内在价值的信息滤波

Rational Bubble in Efficient Stock Markets and the Information Filter of Stock Value

股票内在价值的区间估计

Interval estimation of stock ′ s inherent value

我国股票内在价值评估问题研究

Internal Value Evaluation of China 's Stocks

根据对股票内在价值的分析，得出市场绝对有效缺乏微观基础的结论，市场有效是相对的；

That market is absolutely efficient is lack of micro-foundation . The market is relative efficient .

价值投资策略，即通过对股票内在价值的分析，并比较股票价格来决定股票的买卖策略的一种投资理念。

Value investment strategy mainly depends on analyzing the inter value of the stock , and comparing the stock price to determine whether to buy .

股息贴现模型是估计股票内在价值的基本方法，无套利均衡是现代金融理论的基础。

The dividend discount model is the essential method used to estimate the stock intrinsic value . No-arbitrage equilibrium theory is the foundation of present financial theory .

股份回购作为一种股本收缩方式涉及上市公司的资本结构与股利分配政策，因此是上市公司用以提高股票内在价值的重要手段之一。

As a way of equity contraction , share repurchase involves capital structure and dividend policies of listed corporations , thus it can improve their internal stock value .

剩余收益估值理论认为企业会计利润、账面净资产等会计信息对股票内在价值的衡量起着相当重要的影响作用。

Residual income valuation theory is that enterprise accounting profit , carrying on net accounting information such as the measure of stock intrinsic value play an important influential role .

时至今日，评估股票内在价值的模型种类已较为繁多，其中最为经典的模型莫过于股利贴现模型。

Today , the models for assessing the intrinsic value of the stock have been numerous , and one of the most classic models is the dividend discount model .

通过探索性的研究，阐明了股票内在价值、市场价值及其与企业价值的内在关系。

Through the initial survey , the thesis illustrates the relationship between the intrinsic value and the market value of the stock and the essential element of the company .

传统的股票内在价值模型由于其固有的一些缺陷，易使投资者在应用此模型对所投资股票进行价值评估时出现高估现象。

Investors tend to estimate the stock value higher than it actually is . This is attributed to the application of the traditional stock value model which has quite a few inherent shortcomings .

多因素模型的核心思想是通过某些特定方法筛选出能够体现股票内在价值的因素，并体现这些因素与股票价格之间的关系。

The core idea of the multifactor model is screening out the factor can delegate the internal value of the companies , and express the relationship between the factors and the share price .

剩余收益模型是充分利用现有的会计信息，以公司权益的账面价值和预期剩余收益的现值来表示股票内在价值的数理模型。

The residual income model is a math-physical model reflecting the inherent sharers value by the book value of company equity and the present value of expected residual income , based on the comprehensive ac - counting information .

本文的主要结果如下：1.根据对股票内在价值的分析，得出市场绝对有效缺乏微观基础的结论，市场有效是相对的；市场有效程度和投资策略的可获利性是动态变化的。

The main results are as following : 1 . That market is absolutely efficient is lack of micro-foundation . The market is relative efficient . The efficient degree of market and the profitability of investment strategies are dynamic changing .

投资者只有把更多的关注投向上市公司本身的经营行为和业绩表现，通过基本分析揭示股票内在价值，以此作为主要的投资依据，才能使我国的证券市场真正步入价值投资时代。

Only when the investors pay more attention to the listed company 's management behaviors and performances and get the stock 's intrinsic value through basic analysis which is taken as the main invest basis , can our country 's securities market really step into value invest era .

上市公司股票的内在价值及其成长性探讨

Research of Stocks Inherent Value and Growth of Listed Company

股票内在投资价值理论与中国股市泡沫问题

The Theory of the Stock Intrinsic Value and the Bubble of China 's Stock Market

股票内在市场价值的数学模型

A model of share inherent market value

股票内在投资价值理论是评估股票内在投资价值的依据。

The theory of the stock intrinsic value is very important to the investor and decision-maker .

股票的内在价值与投机价值

It is related to the costs and stocks of human capital in the course . Value of Speculation in Stocks

前人在对我国股票市场内在价值与价格的关系这个问题的研究上，或是避开对内在价值的研究，或是寻找别的替代方法。

The former research on the relationship of intrinsic value and price of stock either avoid studying intrinsic value or seek other methods .

因此，如何估计股票的内在价值成为了证券市场上的一个重要课题，这也是广大投资者重点关注的问题。

Therefore , how to estimate the intrinsic value of the stock became an important subject of the securities market , this is also the problems investors focus on .

而计价模型观更加重视股票的内在价值研究，用模型说明财务信息对股票价格的影响。

However , the measurement perspective lays more emphasis on the internal valuation of shares and analyzes the impacts that the information has on the prices of shares by some models .

基本面分析则主要致力于研究股票的内在价值，它的研究范围包括宏观、中观和微观三个层面。

Elementary analysis focuses on the intrinsic value the stock , as a result , its concerns are the macro economy , the middle economy and the micro economy and so on .